“I think what's interesting is there is a lot of regulation in the US. It's just not cohesive and specific to this space except for places like New York and soon to be California, Louisiana.” - Thom Hook

In this episode, Ian Andrews (CMO, Chainalysis) guest Thom Hook (Global Chief Compliance Officer and U.S. Chief Compliance Officer, MoonPay) summed up in one sentence what the crypto regulatory framework is like in the USA and how its impacting crypto businesses and innovation as a whole.

Thom goes on to discuss his experience working at Circle during the early days of crypto and the challenges of building a compliance program in a rapidly evolving industry.

He provides insights into MoonPay's unique business model, which focuses on retail on and off-ramp services for cryptocurrencies and NFTs and their role as a noncustodial platform.

He also touches on topics such as banking relationships, regulatory frameworks, pig butchering and other scams in the industry and the new demand for crypto lawyers in the face of increasing regulatory pressure.

Minute-by-minute episode breakdown

2 | Thom’s story of building compliance programs from Joining Circle in 2014, transitioning to Bitstamp to landing at MoonPay

4 | MoonPay’s business model of not being a crypto exchange and making it easier for innovation to have payment rails

7 | Importance of compliance and transaction monitoring in obtaining and maintaining banking relationships

12 |Differences in regulations between the US and other countries

15 | Importance of reputation and risk assessment for partner selection and key

17 | Key takeaways from the conference panel discussion with other compliance experts

19 | Using education to combat pig butchering scams and the impact of sanctions

22 | Teaching a class on crypto regulation and its focus on regulations that have the most impact

25 | Prediction of increased demand for crypto lawyers due to regulatory pressure and excitement for innovation and growth in the crypto industry in 2024

Related resources

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Speakers on today’s episode

Ian Andrews * Host * (Chief Marketing Officer, Chainalysis)
Thom Hook (Global Chief Compliance Officer and U.S. Chief Compliance Officer, MoonPay)

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